Accounting    Professor


Phone:(86)(10) 62795464

Office:B355 Lihua Building

Educational Background

2004 Ph.D. in Accounting, Tsinghua University
1997 M.A. in Corporate Finance and Accounting, Tsinghua University
1994 B.B.A. in Corporate Finance and Accounting, Tsinghua University
1994 B.S., Mechanical Engineering, Tsinghua University
1995 C.P.A. P. R. China


Work Experience

2014-    Professor, School of Economics and Management, Tsinghua University

2004-2014  Associate Professor, School of Economics and Management, Tsinghua University

1997-2004  Assistant Professor, School of Economics and Management, Tsinghua University

2011.1-2011.11 Fulbright scholar, University of Wisconsin-Madison Participants centred learning program, Harvard Business School

2009     Senior researcher, Corporate Governance Center at Tsinghua University  
2003     Visiting scholar, Taiwan Dongwu University.
2000     Visiting Scholar, Sloan School of Management, MIT, U.S.A




Financial Statement Analysis and Valuation, Accounting Theory, Accounting and Capital Market, Accounting and Finance Issues in China’s Capital Market. She also teaches Accounting in EMBA program and Financial Management in EDP program.


Research Areas

Corporate Finance, Corporate Governance, Financial Statement Analysis, Earnings Management



Journal Articles
Kunpeng Sun, Dan Wang, Xing Xiao, Internet Scrutiny and Corporate Governance Effect of Social Media, Management World, Vol.7, No.36, pp.106-132, 2020
Kun Wang, Xing Xiao, Wei, Zhe, Sun, Kunpeng, Security regulations, access to capital markets, and firm performance: Evidence from China, Journal of Business Finance and Accounting, Vol.7-8, No.47, pp.1034-1058, 2020
Xing Xiao, Understanding the flow of fortune, New Finance, Vol.6, No., pp.78, 2020
Xing Xiao, How to use the financial logic to create value in operations, China Accounting, Vol.005, 2020
Weichen Yan, Xing Xiao, Yiqian Wang, Firm nature,executive characteristics and investment efficiency, Science Research Management, Vol.8, No.41, pp.148-159, 2020
Weichen Yan, Xing XIAO, Does Surname Relationship Between CEOs and Directors Affect Agency Cost? Management Review, Vol.4, pp.99-126, 2019
Weichen Yan, Xing Xiao, Objectives of the Government, Classification of SOEs, and Recruitment of Executives, Nankai Management Review, No. 5, 130-141, 2019
Dan WANG, Shi-lin LI, Ze CHEN, Xing XIAO, The development of China’s innovation and entrepreneurship ecosystem under the circular economy theory, Studies in Science of Science, Vol.10, pp.1874-1880, 2019
Ping He, Lin Ma, Kun Wang, Xing XIAO, "IPO Pricing Deregulation and Corporate Governance: Theory and Evidence from Chinese Public Firms", Journal of Banking & Finance, No.107, 2019
Kunpeng Sun, Xing Xiao, Internet Social Media, Communication among Investors, and the Pricing Efficiency of Capital Market, Investment Research, Vol. 1, No. 4, 1-10, 2018
Sun Kunpeng, Xing XIAO, Influence of Social Media in Internet on Sentiment Contagion and Stock Price Crash, Technology Economics, Vol.6, No.1, pp.93-102, 2018
Chen, Kun-chih, Qiang Cheng, Ying-Chou Lin, Yu-Chen Lin, Xing Xiao, Financial Reporting Quality of Chinese Reverse Merger Firms: The Reverse Merger Effect or the Weak Country Effect? The Accounting Review,September 2016.
Ping He, Kun Wang, Xing XIAO, "Does Government Control Always Reduce Firm Value? Theory and Evidence from China. Vol. 17, The Political Economy of Chinese Finance, 2016
Qingsong Liu, Xing XIAO: “The Lost Performance, but also Performance? -- An Empirical Study of SOE Executives to Change”, The Management of the World, 3, pp. 151-163, 2015/6/22(in Chinese)
Qingsong Liu, Xing XIAO: “The Promotion Incentive and Salary Incentive of the State-owned Enterprise Executives -- Based on the Perspective of the Dual Identity of Executives”, Technical Economy, 2, pp. 93-100, 2015/4/20 (in Chinese)
Kun Wang, Xing XIAO:“The Effect of Compensation Committee Establishment and its Independence on Executive Compensation”, China Accounting and Finance Research (Hongkong), 1, pp. 56-109, 2014/1/25(in Chinese)
Xing XIAO, Chan Chen: “Incentive Plan Incentive Constraint Mechanism and Equity Level, Listing Corporation”, Nankai Business Review, 88, Vol.16, pp. 24-32, 2013/2/8(in Chinese)
Shuang Xue, Xing XIAO: “Donation: the Means of Private Enterprises to Strengthen the Political Relevance?” The Study of Finance and Economics, 37, Vol.11, pp. 102-112, 2011/11/15(in Chinese)
Kun Wang, Xing XIAO, “Controlling Shareholders’Tunneling and Executive Compensation: Evidence from China”, Journal of Accounting and Public Policy, 1, Vol.30, pp. 89-100, 2011/2/1
Yanheng Song, Xing XIAO:“ Regulatory Risk, Firm Size and Audit Quality”, Audit Research, 3, pp. 83-89, 2012/7/31(in Chinese)
Zhili Zhang, Xing XIAO:“The Research on the Timing of the Equity Incentive Plan of Listing Corporation in China”, The Management of the World, 7, pp. 180-181, 2012/7/16(in Chinese)
Xing XIAO, Yongxin Xu, Yihui Chen: “Degree of Market, Ownership Structure and Intangible Asset Stripping when the IPO”, The Financial Research, pp. 154-167, 2012/7/15, 7, (in Chinese)
Kun Wang, Xing XIAO, “Controlling shareholders’ tunneling and executive compensation: Evidence from China”, Journal of Accounting and Public Policy, Vol. 30, 89-100.
Chan CHEN, Xing XIAO, “Functional orientation and the practical challenges of the Finance companies in the Group”, Economic Theory and Economic Management, 7, 2009
Kun Wang, Xing XIAO, “Ultimate Government Control Structures and Firm Value: Evidence from Chinese Listed Companies”, China Journal of Accounting Research, 2, Vol.1, pp. 101-122, 2009
Xing XIAO, “Ultimate controlling structure of firm value”, china journal of accounting review, Vol.2 , 1, 2008
Xing XIAO, Kun Wang, “Features of Corporate Groups and the Value of Affiliated Companies”, China Accounting Review, No.1, pp. 1-14, 2006
Xing XIAO, Kun Wang, “Diversification in Business Groups: Empirical Evidence from Chinese Group-affiliated Companies”, Management World, No.9, pp. 83-97, 2006, (in Chinese).
Xing Xiao, Xing Xiao’s Course on Financial Thinking, Mechanical Industry Press, 2020
Ping HE, Kun Wang, Xing XIAO, "Does Government Control Always Reduce Firm Value? Theory and Evidence from China. Vol. 17, The Political Economy of Chinese Finance", Emerald, 2016
Xing XIAO, “A Book to Read Financial Statements”, Zhejiang University Press, 2014.
Xing XIAO, Jinying HU, Xiao CHEN, “Analysis of Financial Statement: Evaluation Methods (in Chinese)”, Tsinghua University Press, Beijing, 2005.
Caijun WANG, Xing XIAO, “Enterprise Financial Accounting”, China Financial Publishing House, 2004
Xing XIAO, “The Listed Company Financial Problems and Analysis”, The Plans Press, 2002
Conference Papers/Presentations
Weichen Yan, Xing XIAO, "An empirical study on the succession of SOE executives", China International Conference on Accounting positivism, 2017
Kunpeng Sun, Xing XIAO, "The Role of Large Auditor in Cross-border Merger and Acquisition", Accounting Horizon 2017 China Special Issue Conference, 2017
Kun-Chih Chen, Qiang Cheng, Ying Chou Lin, Yu-chen Lin, Xing XIAO:“Financial Reporting Quality of Chinese Reverse Merger Firms: The Reverse Merger Effect or the China Effect?”, Asia Pacific Conference on International Accounting Issues, 2014/11/1
Robert M. Bushman, Qi Chen, Kun Wang, Xing XIAO:“Bank Incentives, Credit Market Discipline and Firm Performance in China”, Stanford Global Crossroads China’s Capital Markets: Governance and Transparency, 2013/8/8
Qiang Cheng, Kun Wang, Xing XIAO, “Security regulations, access to the markets, and firm performance: Evidence from China”, Tsinghua international conference of corporate governance, 2012/7/12
Qi Chen, Katherine Schipper, Kun Wang, Xing XIAO:“The Effects of Market Development on Controlling Shareholders Participation in Rights Offerings”, 2011 China International Financial Annual Conference, Wuhan, July
Zhaoyang GU, Kun Wang, Xing XIAO, “Government control and executive compensation”, International Journal of Accounting Conference, 2010.
Xing XIAO, “Corporatization or Privatization? - on the Path to the State-owned Enterprise Reform”, China Accounting and Finance International Forum, 2008
Xing XIAO, “the performance implication of government control", China International Symposium on Empirical Accounting, 2008
Kun Wang, Xing XIAO, “Ultimate Controlling Structure and the Impact on Firm Value”, China Research Conference (Hong Kong), 2006
Kun Wang, Xing XIAO, “Ultimate Controlling Structures and Firm Value”, Chinese Accounting Research, Hong Kong, China, 2006



2017、2019 Yearly Outstanding Teaching Award of Tsinghua University
2017, The 2015 Beijing Ethics Pioneer
2015, The 2014 Beijing Ethics Pioneer
2014, Veron Zimmerman Best Paper Award, 26th Asian-Pacific Conference on International Accounting Issues
2014, The 14th Title of "Mentor" in Tsinghua University
2013, The Best Teaching Award in Tsinghua University
2012-2015, Award for Best Teaching of the EDP centre of SEM
2003-2005, 2009, 2010, 2012-2015, Outstanding Teaching Award in SEM
2000, 2003, 2013, The Best Teaching Award in SEM
2009, The Most Popular Teacher in MBA program
2009, The Best Award in Tsinghua Teaching Campaign (Second grade)
2009, Best Research Award in SAMB.
2008, Award for Best Curriculum Development of the EDP centre of SEM
2005, Best Paper Award, CICF Annual Conference
2005, Outstanding Contribution on Aviation Science and Technology.